A day after historic losses, stocks close sharply higher on Wall Street. Major indexes rise 4.9% and the Dow adds more than 1,100 points.
Trader Michael Urkonis, center, works on the floor of the New York Stock Exchange, Tuesday, March 10, 2020. Stocks, Treasury yields and oil are clawing back some of the plunge they took a day before, when the S&P 500 had its worst drop in more than a decade.
By the end of trading, the S&P 500 was up 4.9%. It erased three-fifths of Monday’s loss, which was the sharpest since 2008, when global authorities banded together to rescue the economy from the financial crisis. The S&P 500 shuffled along with modest gains until rocketing higher in the last two hours of trading after Trump made his pitch for economic aid on Capitol Hill. Treasury Secretary Steven Mnuchin also met with House Speaker Nancy Pelosi, whose support would be needed for any deal in a deeply divided Congress. Mnuchin called the meeting productive.
The S&P 500 rose 135.67 points, or 4.9%, to 2,882.23. The Dow Jones Industrial Average rose 1,167.14 points, or 4.9%, to 25,018.16, and the Nasdaq composite jumped 393.58, or 5%, to 8,344.25. The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover. In mainland China, where the virus first exploded, more than 80,000 people have been diagnosed and more than 58,000 have so far recovered.
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